Barclays gave Rusal (0486.HK) a neutral rating for the first time, with a target price of HK$7.50. Barclays said that Rusal's investment situation is far more complicated than aluminum prices and value assessments. There are several factors driving the stock price: the durability (or lack of durability) of the smelting cost advantage, the ultimate fate of the company's Norilsk Nickel shares, large-scale debt, and public disputes among controlling shareholders. In addition to the above factors, the bank estimates that Rusal's profit from the aluminum smelting business is less than half. Although Barclays believes that many of the investment disadvantages have been reflected in the stock's valuation and that its risk/return situation is improving, the bank's report is also aimed at informing the controversial views on this stock.